A college education can be a very expensive thing to obtain.
The average cost of attendance at IUP is twenty-two thousand dollars after federal aid.
Students in the United States go to college to pursue a better life for themselves financially by becoming educated, but instead leave their universities with crushing debt that makes getting off the ground difficult.
There is over $1.61 trillion dollars in outstanding federal loan debt in the U.S.
The main reason being that Universities, such as our own, are not regulated by the government in terms of tuition caps and raise prices for profit because they can.
This causes other Universities to respond by also raising prices, hence, the situation getting out of control.
Many have been calling for some type of government relief package to help offset this crisis.
President Joe Biden’s presidential run in 2020 included a campaign promise that he would forgive federal student loans.
To be transparently clear, Biden has not come remotely close to fulfilling this promise that earned him the votes of nearly an entire generation.
Although he has not kept his word, Biden has continued his trend of small steps of relief for some federal student loan burrowers as of late.
Policy changes announced earlier this week will benefit those seeking debt relief through the public service forgiveness program (PSF) and students who were pushed into interest-accruing forbearance the most.
For those seeking (PSF), many have been unaware of their eligibility for loan forgiveness due to the government's mishandling of the IDR program.
More resources will also be put into tracking the incomes of people on income-driven repayment (IDR) to confirm eligibility and ensure those with a smaller income will have more affordable payments.
For forbearance burrowers, the new policies allow them to get out from under crushing growing interest as they are unable to make payments.
U.S. Secretary of Education, Miguel Cardona, spoke on the new policy announcement.
“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” Cardona said.
The program will help more than three million people inch closer to eventual student loan forgiveness.
To be clear, these policies apply to only those who have taken out federal student loans.
Private loans are managed by the financial institutions themselves and come with much less benefits.
Biden’s recent move is a drop in the bucket in terms of fixing the student loan crisis.
Although this is a step, many Americans hope that he has bigger changes up his sleeve in order to keep his word and credibility.